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Rakim
USA Fan
Member since Nov 2015
9954 posts

US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
LINK /

This is how the left plans to attack the tax plan. I happen to disagree.

The Democrats suck on Estate Taxes. 2nd generational wealth issues is also important to Blacks, Asians and Hispanics. It's amazing to see how the Democrats believe that's their money. It's also hilarious to see Democrats care about the national debt and keep a straight face.

I do think he makes a point on the pass through billing part of the bill. Still employees tax rates will fall below the 25% in most instances.


quote:

The "framework" is not all bad, as many Democrats claim. The call to reduce the top corporate tax rate from 35% to 20%, for example, is sound and overdue. So is the effort to simplify what President Trump correctly called the "ridiculously complex" individual income tax code.

But a lack of fiscal restraint, plus two unwarranted giveaways to America's financial elite, make this version unworthy of support.

By one initial estimate, the framework would result in $2.2 trillion in lost revenue over the next decade. That's unaffordable for a nation already $20 trillion in debt and facing soaring deficits as Baby Boomers retire. At the moment, the economy doesn't need this sort of borrowing-fueled fiscal stimulus.

Perhaps the most egregious provision in the GOP plan is a longtime goal of some of America’s wealthiest individuals, many of whom also happen to be major political donors: an end to the tax on inherited wealth.

Republicans, including Trump at his speech in Indianapolis on Wednesday, pitched this largesse as essential for family farms and other small businesses. That is disingenuous in the extreme. Individuals can already inherit $10.98 million from their parents tax-free. This plan would eliminate that very generous cap, allowing someone to inherit billions of dollars without having to pay the taxman.

Where’s the logic in that? Why should inherited wealth receive a more privileged status than wealth accumulated through work or entrepreneurship? Why should the government encourage dynastic wealth at a time when income and asset concentration among an elite few is already dangerously high?


quote:

And why, for that matter, should business owners pay a lower tax rate than some of their employees? That’s what would happen under a second objectionable element of the GOP plan, a 25% tax rate for "pass through" income.

Pass-through businesses — including sole proprietorships, partnerships and S corporations — account for about 95% of all businesses, ranging from food trucks to multinational conglomerates. They do not pay corporate taxes. Rather, their profits are recorded as income on the individual returns of their owners.

By setting the pass-through rate at 25%, rather than treating it as ordinary income, business owners would pay a lower rate than millions of Americans who make a good livings but are not wealthy.

The special pass-through rate has another problem: High-income individuals, whether business executives or basketball players, would seek to turn themselves into business entities. The authors of the plan realize this is a problem but have no real solution, saying only that they anticipate lawmakers will “adopt measures” to prevent this.


member12
Marquette Fan
Bob's Country Bunker
Member since May 2008
19344 posts

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
Bookmarked.

I honestly haven't read up on this yet.


zeebo
LSU Fan
Member since Jan 2008
3252 posts
 Online 

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
But many will!


CGSC Lobotomy
Texas A&M Fan
Lacey, Washington
Member since Sep 2011
37709 posts
 Online 

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
What a dumbass. Business owners already get hit 3 times on both social security and Medicare taxes.

They have to pay employer and employee on any income their company generates, then have to pay employer on each employee.


Rakim
USA Fan
Member since Nov 2015
9954 posts

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
I like what I see but I'll admit I need more time to study.



imjustafatkid
Alabama Fan
Alabama
Member since Dec 2011
14004 posts

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
quote:

Perhaps the most egregious provision in the GOP plan is a longtime goal of some of America’s wealthiest individuals, many of whom also happen to be major political donors: an end to the tax on inherited wealth.


Stopped reading here, decided not to open link.


Centinel
Alabama Fan
South Carolina
Member since Sep 2016
7460 posts
 Online 

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
Why tax it once when you can tax it twice!



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80
Sidicous
LSU Fan
Middle of Nowhere
Member since Aug 2015
3555 posts
 Online 

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
quote:

But many will!


Also...














Hillary still not POTUS, and,











Trump is still winning!

and...










Republican tax reform means the many who don't get a cut at least don't have the Leftist loons taking more!


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82
NC_Tigah
LSU Fan
Carolinas
Member since Sep 2003
80198 posts

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
quote:

Many Trump voters will get zero from Republican tax 'framework'
So many Trump voters will get zero from economic growth?

What an 'interesting' take.



Centinel
Alabama Fan
South Carolina
Member since Sep 2016
7460 posts
 Online 

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
quote:

So many Trump voters will get zero from economic growth?

What an 'interesting' take.


Makes perfect sense if you believe that you can only get things from the government.


ShortyRob
LSU Fan
Member since Oct 2008
52525 posts

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
Isn't it funny how the left looks at politics entirely as a competition to steal from their fellow citizens? 100% as a game of I vote for you and you give me shit? I mean that's pretty telling actually.


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41
Tigerdev
LSU Fan
Member since Feb 2013
10359 posts
 Online 

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
Its the Republicans. Bound to be a shite show in the end...


HailHailtoMichigan!
Michigan Fan
Trabuco Canyon, CA
Member since Mar 2012
39573 posts

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
It makes no sense to lower corporate rate but leave s corp rates unchanged


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11
papasmurf1269
LSU Fan
Hells Pass
Member since Apr 2005
17303 posts

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
It doesn’t matter how good the plan is,RINO’s and Liberals will do everything they can to stop Trump at every turn.


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10
member12
Marquette Fan
Bob's Country Bunker
Member since May 2008
19344 posts

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
quote:

Perhaps the most egregious provision in the GOP plan is a longtime goal of some of America’s wealthiest individuals, many of whom also happen to be major political donors: an end to the tax on inherited wealth


That's for the warning. I will seek information from a more unbiased source.
This post was edited on 9/28 at 5:29 pm


asurob1
Florida State Fan
On the edge of the galaxy
Member since May 2009
24736 posts

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
Well unless your are really rich. Duh. This isn’t about the middle class.


HailHailtoMichigan!
Michigan Fan
Trabuco Canyon, CA
Member since Mar 2012
39573 posts

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
Which part of the plan benefits the rich?


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ShortyRob
LSU Fan
Member since Oct 2008
52525 posts

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
quote:


Perhaps the most egregious provision in the GOP plan is a longtime goal of some of America’s wealthiest individuals, many of whom also happen to be major political donors: an end to the tax on inherited wealth

I support this so egregious isn't the word I would use


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10
9th life
LSU Fan
Boringham
Member since Sep 2009
3198 posts

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
quote:

Perhaps the most egregious provision in the GOP plan is a longtime goal of some of America’s wealthiest individuals, many of whom also happen to be major political donors: an end to the tax on inherited wealth.


Egregious? I have to disagree. inheritance taxes are crap.


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gthog61
Georgia Tech Fan
Irving, TX
Member since Nov 2009
27573 posts

re: US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
quote:

What a dumbass. Business owners already get hit 3 times on both social security and Medicare taxes.

They have to pay employer and employee on any income their company generates, then have to pay employer on each employee.




If it helps small business owners I don't give a shite if I don't get a dime.

They drive the economy and big corps have gotten in bed with both parties to make as sure as possible that small businesses can't grow into big ones.


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